Thu, 19 Apr 2012 | ADMINISTRATION
Killby & Gayford, a builder that worked on the remodelling of 10 Downing Street in 2008, has been put into administration.
The business made a pre-tax profit of £1.9 million in 2010, a drop from the £2.2 million recorded in the year before and is understood to have employed around 300 staff. However, while it continued to win contracts, people close to the company have explained that Killby & Gayford has been struggling to pay its subcontractors.
BDO Stoy Hayward confirmed that it has been appointed as the administrator for the firm and will work to wind down the 152-year-old business in the coming months.
In addition to the Downing Street refurbishment, the company has worked on a number of other prestigious London landmarks, including the restoration of the listed Victorian bandstand on Clapham Common and the education centre at St Paul's Cathedral.
Construction has been one of the sectors hardest hit by the recession and research by PwC recently revealed that around 5,000 construction companies have hit the wall since 2010.
Jonathan Hook, head of engineering and construction at PwC, told the Financial Times: “We had a relative boom in construction in the run-up to 2008 and the industry expanded greatly.
“But the cuts to the government’s capital programme and uncertainty around the economy and financing generally means there is little chance 2012 will see this trend reverse.”
Presenting an opportunity to acquire a very profitable plumbers and heating merchants business operating nationwide.
Presenting to the market a financially robust builders merchants business for sale, located in Merseyside.
A long-standing construction wholesale operation, freehold substantive site with three storey brick building.
01
|
May
|
Testing technology firm acquired at 3.5x revenue | BUSINESS SALE
MK Test Systems Limited, a Somerset company that designs and...
01
|
May
|
Portfolio of 24 northern pubs acquired by Punch Pubs & Co | COMMERCIAL PROPERTY
A portfolio of 24 pubs across the North East and Yorkshire h...
01
|
May
|
West Midlands engineering firm acquired in pre-pack deal | BUSINESS SALE
A specialist engineering firm based in the Black Country has...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.